China’s mega online shopping festivals losing lustre, as Chinese tighten their belts

BEIJING – Beijing resident Liu Zuyi used to scrimp and save months before the Double 11 sales – China’s largest online shopping festival – before splurging on discounted household items or gadgets.

The Chinese media reported that more than 50 publishing houses in Shanghai and Beijing boycotted the 618 sales in 2024, after Alibaba and JD.com pressured retailers to offer discounts of up to 80 per cent to draw consumers. Analysts told ST that shopping festivals in China are losing their shine given weak domestic demand and changing consumer preferences.

“The weak domestic demand and weak consumption phenomena are permanent, not transitory,” she said, pointing to the country’s poor income growth. “All these changes weaken the role of price discounts in purchasing decisions,” said Prof Bai, who studies strategy and entrepreneurship.Shopping festivals like Double 11 and 618, which started around 2009, enjoyed huge increases in sales in their early years. But they have been hit by weakened consumption during the pandemic, amid China’s strict zero-Covid policies.

Retiree Kang Ju, 62, said: “Now, there are all kinds of sales happening all year round, such as 1212 , 520 and even Chinese New Year sales.”

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